Good morning, everyone. Joining me on today's call is Michael Dale, AxoGen's Chief Executive Officer and Director, and Lindsey Hartley, Chief Financial Officer. Michael will discuss fourth quarter and full year 2025 financial results and corporate highlights. Lindsey will then provide details on financial performance, guidance, and overall outlook for the year. This will be followed by a question-and-answer session. Today's call and presentation is being broadcast live via webcast, which is available on the investor section of AxoGen's website. Following the end of the live call, a replay will be available in the investor section of the company's website at www.axogeninc.com. Before we begin, I'd like to remind you that during this conference call, management will be making forward-looking statements, which are statements that are not historical facts and are based on current expectations and assumptions regarding future conditions, events, and results. Forward-looking statements include, among other things, statements regarding our financial guidance and outlook, clinical development activities and regulatory efforts, commercial growth initiatives, reimbursement and market access efforts, training and education initiatives, research and development activities, and our overall business strategy and operating performance. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially, including, without limitation, the risks and uncertainties reflected in our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K, subsequent quarterly reports on Form 10-Q, and other filings we make with the Securities and Exchange Commission. Forward-looking statements speak only as of the date made, and we make no obligation to update any forward-looking statements except as required by law. In addition, for reconciliation of non-GAAP measures, please refer to today's press release for a presentation with highlights from today's call and the corporate presentation on the investor section of the company's website. Now I'll turn the call over to Michael. Michael, please go ahead. Thank you, operator, and welcome to everyone joining us this morning. Today, I'll walk through our fourth quarter and full year 2025 performance through the lens of the six priority areas of our strategic plan, highlighting how we executed against each in 2025 and how they frame our objectives for 2026. I'll turn the call over to Lindsey to review the financials and outlook, after which we'll open the call for questions. 2025 was a year of significant achievement for AxoGen, both financially and strategically, and one that positions us well for durable growth in the years ahead. The first strategic plan priority I will speak about is our growth target of 15%-20% and the related financial operating leverage we expected for the business. We delivered strong top and bottom-line performance in 2025, consistent with the upper end of the growth trajectory outlined in our strategic plan. Our Q4 revenue was $59.9 million, up 21.3% year-over-year, with double-digit growth across all three target markets. Our full year revenue increased 20.2% to $225.2 million. Our Adjusted EBITDA grew 41% to $27.9 million. We increased our cash position by $6 million while fully funding our strategic initiatives. This performance reflects expanding adoption of AxoGen's nerve repair algorithm across traumatic, iatrogenic, and chronic peripheral nerve injuries, with Avance nerve graft remaining our primary growth driver, often complemented by our broader portfolio of repair, protection, connection, and termination solutions. Importantly, we have now reached a financial inflection point, enabling greater concentration of our market development efforts while generating positive cash flow and improving profitability. Regarding capital structure and balance sheet strength, in January, we completed an upsized public offering, raising $133.3 million in net proceeds. We used $69.7 million to fully retire our term loan facility, leaving us with a clean capital structure and significantly enhanced financial flexibility. Eliminating the interest and revenue participation obligations improves our earnings quality over time, while the remaining proceeds provide capacity to fund continued execution of our strategic plan. As a result, we enter 2026 well capitalized and positioned to deliver disciplined, profitable growth. The second strategic plan priority I will speak about is our market development progress for elective and planned procedures in extremities, oral maxillofacial and head and neck, breast, and our prostate market development plans. Across our three core markets, momentum remains strong, as represented by continued double-digit growth in each market. In extremities, which continues to be our most mature market and where we are furthest along in achieving standard of care status, supported by solid growth in both traumatic and chronic procedures. For oral maxillofacial and head and neck, we delivered high double-digit growth, driven by a surgeon adoption of the AxoGen algorithm and increasing recognition of nerve repair's impact on quality of life. Breast remains one of our fastest-growing opportunities, with accelerating adoption of Resensation techniques and increased implant-based reconstruction volumes. In prostate, we made important foundational progress in 2025. More than 100 procedures were completed across 10 clinical sites, and in collaboration with our surgeon partners, we established a standardized surgical technique. As we enter the second half of 2026, we expect to begin seeing meaningful clinical signals as nerve recovery data matures, an important step in what we believe is a highly underdeveloped and compelling market opportunity. The third strategic plan priority I will speak about is our commercial expansion progress in regards to infrastructure and sales force growth. In 2025, we significantly expanded our commercial organization across all markets. In breast, we added 10 sales representatives and two regional directors, ending the year with 21 sales representatives and two regional directors. In extremities, we added 12 sales representatives in high potential geographies, ending with 117 reps and 15 regional directors. In oral and maxillofacial and head and neck, we ended the year with three field-based market development managers. In prostate development, we added three clinical development managers and one director. Early productivity trends are tracking well with our assumptions. Across markets, new hires typically reach independence and breakeven within six to nine months, after which they become accretive. In 2026, we plan to continue this expansion. We will grow the breast team to approximately 30 sales representatives. We will grow extremities to approximately 130 representatives. We will continue to evaluate further commercial investment to support prostate market development in the second half of the year. The fourth strategic plan priority I will speak about is our commercial excellence performance, specific to our high potential accounts, productivity in general, and education. Our high potential account strategy remains a cornerstone of our commercial model. In 2025, 61% of total revenue growth came from high potential accounts. Average high potential account productivity increased 21%, and active surgeons in high potential accounts increased by 131. We ended the year with 679 active high potential accounts out of an approximately 780 universe. While slightly below certain internal targets, fundamentals across both high potential and non-high potential accounts remain strong, with double-digit growth and improving productivity across the broader base. For 2026, our high potential objectives include 60% of revenue growth from high potential accounts and 18% productivity growth in these accounts, and activation of at least 100 surgeons. Surgeon education continues to be one of AxoGen's core competencies and a critical driver of algorithm adoption. In 2025, we exceeded training targets across all markets, and in 2026, we plan to further expand education programs across breast, extremities, and oral maxillofacial, head and neck. In 2025, extremities held nine professional education programs and trained 170 surgeons. In oral maxillofacial and head and neck, we held three programs and trained 59 surgeons. In breast, we held five professional education programs and trained 79 surgeon pairs. For 2026, our training objectives include holding and conducting 10 extremities professional education programs and training 200 surgeons. In oral maxillofacial and head and neck, we will conduct six professional education programs and train 100 surgeons. In breast, we will conduct five professional education programs and train 75 surgeon pairs. The fifth strategic plan priority I will speak about is progress related to our standard of care objectives as related to evidence coverage and the FDA biological license approval of Avance. In December, we achieved the most significant milestone in AxoGen's history, which was the FDA approval of the Biologics License Application for Avance. Avance is now the first and only FDA-approved biologic therapeutic for treating peripheral nerve discontinuities, with 12 years of market exclusivity. This establishes Avance as the standard of reference in nerve repair. We are acting on this milestone across four fronts: customer engagement to reinforce confidence in Avance's safety, efficacy, and regulatory status, payer engagement to drive near universal U.S. coverage, clinical advancement by enabling prioritized studies under an approved regulatory framework, and lastly, manufacturing investments to support scalability and margin expansion by our ability now to manage our manufacturing operations under one quality system. In 2025, we also received strong validation of events from leading medical societies. The American Association of Hand Surgery and the American Society for Reconstructive Microsurgery issued position statements recognizing nerve allograft as a non-experimental, medically necessary standard of care for peripheral nerve defects. Building on prior guidelines from the American Association of Oral and Maxillofacial Surgeons, together, these endorsements represent an important step toward broader recognition of allograft nerve repair as a standard of care and support our efforts to expand coverage and payment in the future. On reimbursement, approximately 19.8 million additional lives gained coverage in 2025, bringing commercial coverage above 65%. With Biologic License approval, we believe we are well-positioned to address the remaining payer objections. Additionally, CMS implemented a new outpatient payment classification for nerve procedures in January, improving the economic profile for outpatient settings and potentially expanding site of care flexibility over time. The sixth and last strategic plan priority I will speak about is our innovation progress. Our R&D investments, which are focused on improving benefit versus risk profiles for the treatment of nerve care, are focused on three strategic priorities. Making nerve coaptation faster and easier and more consistent. Second, is advancing solutions for non-transected and chronic nerve injuries through better protection. Thirdly, developing therapeutic reconstruction technologies to improve the fundamental ability for nerve regeneration. With the Biologic license approval in place, we are moving forward also with prioritized clinical studies, including in breast, mixed, and motor nerve indications. We expect to provide more detailed updates on individual programs later this year. In each instance, these programs are progressing well, and we plan to provide more detail on each of these programs in the second half of the year. In summary, 2025 was a year of execution and validation for AxoGen. We delivered strong financial results, achieved a historic regulatory milestone, and continued building momentum across our markets, all while executing against the six priorities of our strategic plan. I am proud of the AxoGen team and confident in our ability to deliver disciplined growth consistent with our guidance and long-term strategy. I'll now turn the call over to Lindsey to review the quarter's financials and our outlook for 2026. Thanks, Mike. I'm pleased to report our 2025 financial results and provide 2026 guidance. We are excited about our results for the fourth quarter and the full year. Our focus on commercial execution and resource allocation have yielded top line growth and positive cash flows. For the fourth quarter, we reported strong growth, with revenue of $59.9 million, reflecting 21.3% growth compared to the fourth quarter of 2024. For the full year, we reported revenue of $225.2 million, reflecting growth of 20.2% compared to 2024. As mentioned during our last earnings call, we estimated that our revenue was positively impacted by the discontinuation of the case stock sales program for Avance. We believe the pull forward impact on our full year results to be minimal. Revenue growth continues to be fueled by strong sales of Avance and adoption of our comprehensive nerve repair algorithm across our target market, with unit volume and mix serving as the primary driver of our revenue performance in addition to price. Our gross profit for the fourth quarter came in at $44.4 million, up from $37.6 million in the fourth quarter of 2024. This represents a gross margin of 74.1%, down from 76.1% in the same period last year. Gross profit for the full year came in at $167.4 million, up from $142 million in 2024. This represents a gross margin of 74.3%, 1.5 percentage points less than 75.8% in 2024. Gross profit was negatively impacted by $1.9 million, or 3.3% for the fourth quarter, and 0.9% for the full year, from one-time costs related to the FDA BLA approval of Avance. Two-thirds of these costs, or $1.3 million, were non-cash and related to the vesting of certain stock-based compensation awards containing milestones tied to this event. Excluding these one-time costs, the year-over-year decreases of gross margin were primarily driven by approximately 2% higher product cost, offset by a reduction of inventory write-offs and reduced shipping costs on products sold. Product cost increased as a result of costs related to additional test steps and tests required as we transitioned to and began processing Avance as a biologic. The reduction in inventory write-offs and shipping costs resulted from the discontinuation of the case stock sales program for Avance and process improvements implemented throughout the year. Operating expenses increased to $54.2 million in the fourth quarter, up from $35.6 million in the fourth quarter of 2024. Increased 18.3% as a percentage of revenue. Full year operating expenses increased to $175.2 million from $145.3 million in 2024, and increased 0.3% as a percentage of revenue. Included in operating expenses for the fourth quarter and full year was $7.2 million of non-cash, one-time stock-based compensation expense related to the vesting of equity awards tied to the FDA BLA approval of Avance. This expense is reflected across operating expense categories, including $700,000 in sales and marketing, $4.6 million in research and development, and $1.9 million in general and administrative expenses. As a result, operating margin was negatively impacted by approximately 12.1% in the fourth quarter and 3.2% for the full year. Excluding this one-time cost, operating leverage improved by 3% as a result of top line growth and financial discipline year-over-year. Sales and marketing expenses as a percentage of total revenue increased nearly 5 percentage points to 45.4% in the fourth quarter, compared to 40.6% in the fourth quarter of 2024. For the full year, sales and marketing expenses as a percentage of total revenue increased 1.5 percentage points to 43.4% from 41.9% in 2024. Research and development expenses increased 83.9% to $12.4 million in the fourth quarter, compared to $6.7 million in the fourth quarter of 2024, and as a percentage of total revenue increased by approximately 7 percentage points to 20.7% from 13.6%. Full year research and development expenses increased 18.4% to $32.9 million from $27.8 million in 2024, and was flat at approximately 15% as a percentage of revenue. General and administrative expenses increased 64.6% to $14.6 million in the fourth quarter, compared to $8.9 million in the fourth quarter of 2024, and as a percentage of total revenue increased 6.5 percentage points to 24.4% from 17.9%. Full year general and administrative expenses increased 14.2% to $44.6 million from $39 million in 2024, and as a percentage of revenue decreased 1 percentage point. Net loss for the fourth quarter was $13.2 million, or $0.28 per share, compared to net income of $500,000 or $0.01 per share in the fourth quarter of 2024. Full year net loss was $15.7 million, or $0.34 per share, compared to $10 million, or $0.23 per share in 2024. Adjusted net income was $3.5 million or $0.07 per share for the fourth quarter of 2025 and 2024. Full year adjusted net income was $14.4 million or $0.29 per share, compared to the $5.9 million or $0.13 per share in 2024. Adjusted EBITDA for the 4th quarter was $6.5 million, compared to an Adjusted EBITDA of $6.7 million in the same period last year. Fourth quarter Adjusted EBITDA margin decreased 270 basis points to 10.9% from 13.6% in the same period last year. Full year Adjusted EBITDA was $27.9 million, compared to an Adjusted EBITDA of $19.8 million in 2024. Full year Adjusted EBITDA margin improved 180 basis points to 12.4% from 10.6% in 2024, driven by revenue growth and increased operating leverage, excluding stock-based compensation expense. I am pleased to report for the full year, our balance of cash equivalents, restricted cash and investments increased $6 million- $45.5 million from $39.5 million as of December 31, 2024, demonstrating our ability to be cash flow positive for the year. Turning to our full year financial guidance for 2026. We expect full year 2026 revenue growth to be at least 18%, or total revenue of at least $265.7 million. We anticipate full year 2026 gross margin to be in the range of 74%-76%. This range is consistent with 2025 and considers anticipated product cost pressure as we begin selling Avance biologic product in the second quarter of 2026. In 2027, we expect to begin seeing improvement to gross margin as a result of implementing continuous improvement programs this year and increasing economies of scale. We expect to be free cash flow positive for the full year 2026. Similar to prior years, we anticipate higher cash burn in the first quarter. In summary, we are pleased with our fourth quarter and full year performance and entered 2026 with strong momentum. Looking ahead, we will continue to prioritize initiatives that strengthen our financial foundation, including targeted investments in innovation and commercial infrastructure. By maintaining a disciplined approach to expense management and leveraging economies of scale, we are confident in our ability to further enhance operating margins and deliver consistent profitability. With that, I will now open the line for questions. Operator? Thank you. We'll now be conducting a question and answer session. If you'd like to be placed in the question queue, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you'd like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing star one. One moment please, while we poll for questions. Our first question today is coming from Michael Sarcone from Jefferies. Your line is now live. Hey, good morning, and thanks for taking the questions. I guess. Hey, Mike. Hey, just to start, you know, on the guidance for the year, at least 18%, you exited 2025 at 21%, and maybe you could argue that's even higher when you adjust for the case stock discontinuation. You know, just, you know, wanted to get your take on how conservative or achievable you view the guidance and maybe, you know, talk about some of the key assumptions that you've got in there? Thanks, Mike. We, we would characterize it as prudent. We're building off of a larger base. We believe that our commercial customer creation models are elastic, but they still need to be managed. Each quarter is a new quarter, each year is a new year. We feel very confident in the guidance of 18%. Obviously, we aspire to growing the business as fast as possible. Hopefully that answers the question. It's a situation that we still believe that we need to prove out quarter to quarter, because the management of those, of the, of the, customer creation processes is one of diligence. Then we're expanding the footprint. We still need to be careful about getting out ahead of ourselves. Understood. That's helpful. Then maybe just, you know, you touched on the CMS reimbursement, healthy increase in the outpatient setting. Can you maybe just help us think about how you're thinking about pricing in that context? You know, any help on. Can you give us a rough sense of the split of the business between inpatient versus outpatient procedures? Sure. Why don't I ask my colleagues Jens and Rick to weigh in on answering that question? Hey, Mike, thanks for the question. This is Rick. Just to start, we don't break out by care setting in terms of our revenue, I do think this is a good de-risking event. It's not a light switch, it's not like all of a sudden, all these procedures are going to move to the outpatient setting. I think it increases site of care flexibility over time, it's something we'll continue to take a look at. One thing that's important to note is that facilities negotiate procedure payments with the commercial payers, that happens every one to two years. You know, CMS makes this decision, facilities will renegotiate their contracts accordingly. These things will just flow through the healthcare system over time, but it gives us a lot of belief in what we're doing. Jens, any color you want to add? I would say it's definitely positive that payments have increased, but the really important thing is coverage. As coverage expands, that also gives us more opportunities to expand the footprint into other care settings. It's really, there's two sides of the coin. You've got the payment, which is great, it's been increased, but we're still working hard to expand coverage as well. Mike, give context of procedures that will likely move in the future, where it's advantageous for the provider to do so, are going to be more of the upper extremities, the hands and the arm, and then follow-up outpatient procedure to deploy more resources to the setting. Super helpful. Thanks, all. Thanks, Mike. Thank you. Next question is coming from Larry Biegelsen from Wells Fargo. Your line is now live. Hi, good morning. This is Simran on for Larry. Thanks for taking the questions here. Maybe just to start out, Mike, since the BLA in December 2025, can you talk about the reaction to it so far? The basic product characteristics of why it's a suitable solution for treating nerve discontinuities, all very positive in that regard. As you might appreciate, for those individuals who are sitting on the fence, or who are not adopters, it's given us a new vehicle. It's a vehicle that allows us to go back and revisit any of the payers, whereby their one of the primary objections was that the device was experimental and has allowed us to make clear that that is not the case. As to their response, it's a formal process. You make these submissions, you work through their various work streams that they require in order to even have a conversation. Periodically, on an annual basis, they then review that information that's new, and then revisit their decisions. There is not a schedule that we can point to that will, that will guarantee us a feedback. Other, other than what we can say is that we, we hope and expect to see some sort of responses from these entities, in 2026. We, we have no prediction per se, as to which one or exactly when, they will respond. Okay, that's helpful. Maybe just to follow up. Yeah, go ahead. Add is that while we can't predict the timing, we have predicted the timing in the context of the strategic plan, I do want to be clear about that. It is our expectation that between now and 2028, we will overcome the negative coverage decisions that presently exist. Got it. Which means- Thank you. Go ahead, sorry. Sorry. Just to follow up, maybe just switching gears towards your sales force, kind of adds for the year. I think if I'm doing my math right, you added about 22 reps across the business in 2025, and you're guiding to at least 12 rep additions in 2026. Maybe help me understand why is that the right number, especially as you're starting to sort of reach critical mass in, you know, some of your segments, like extremities. How are you thinking about the productivity ramp of the sales force today versus the historical ramp? Thanks for the question. I think maybe to start with the one comment you made, that reaching critical mass. To put it in context, if you wanted to provide full coverage for extremities, you'd probably need somewhere between 400-600 sales representatives. There's a very, very large provider universe in extremities. In point of fact, while 130 sounds like a lot, it does not provide full coverage of that particular patient presentation stream in terms of trauma and related injuries. We're a long way from full coverage in extremities. With regards to breast, the same thing. There's about 1,200 sites of service for breast, and to that end, the current organization, while growing rapidly and doing good work, is a long way from full coverage. That's why we have made the strategic decision that we're not going to try to do all of this in a single year, but we're going to grow into it through incremental additions throughout the year and in the succeeding years, through 2028. Great. Thank you. Sure. Thank you. Thank you. Next question is coming from Chris Pasquale from Nephron Research. Your line is now live. Thanks. Lindsey, I wanted to start with just the cadence of gross margin throughout the year. Could you just get level set us on how we should think about it here? Is 2Q the low point, and then you improve from there, and sort of magnitudes of the high and the low for the year would be helpful. Yes. As we progress through the year and we begin selling the new biologic Avance product, it will carry a heavier cost. We will be selling both tissue and biologic products when we start selling biologics, so we expect to see that pressure in Q2 and going into the remaining second half of the year. Okay, it sounds like the pressure builds over time as that mix shifts, and then we start to see improvement in 2027. Is that fair? That's correct. Okay. Mike, then you talked about how having the BLA out of the way now frees you up to focus on other clinical priorities, including breast, I would assume at some point, prostate as well. Can you give us any sense about how you're thinking about what's ultimately going to be required to establish the level of clinical evidence you want in those indications? Are we talking about randomized trials, or can you get what you need just from documenting, sort of a single-site registry-style study, in more detail? Thanks. Sure. It will be both. In every instance, it does not need to be randomized, but it needs to fit the bill of what the FDA refers to. It's really not an FDA requirement, but needs to fit the clinical evidence expectations of what's considered adequate and well-controlled. There's a structural definition that accompanies that. With regards to mixed and motor, that's going to be randomized clinical trials. With regards to breast, unlikely to be randomized. There's great resistance to that, given the current belief that it's unethical to do such. Nonetheless, there's a desire for greater clarity in terms of patient fit and response rates, and so the adequate control studies will run there. Those two, for example, are already planned. Those will all initiate this year. We will consider doing additional studies. Prostate as you raised, will be certainly a significant effort. We are not in a position to describe what that study will be until really more the end of this year, once we see the clinical signals back from the 10 clinical sites that we initiated last year. Most important thing to understand is while evidence is significant insofar as individual single center studies, in terms of randomized studies, to put it in context, RECON is the largest randomized clinical study ever done in nerve care. While we're very proud of that, it also speaks to the fact that there does need to be more evidence. We look at this as an opportunity. Our customers are actually very excited because we provide for those individuals, an opportunity, essentially a vehicle, by which to engage in nerve care, in a way that's very common, say, for example, cardiovascular or some other healthcare domains, but this is not historically the situation in nerve care. Great. Thank you. Thanks, Chris. Thank you. Next question is coming from Jayson Bedford from Raymond James. Your line is now live. Good morning, and thanks on the congrats on the progress. Just as it relates to the BLA, it doesn't look like it based on the physician training metrics you provided, but are you assuming any step-up in growth directly related to the BLA? Not explicitly. It was always assumed as part of the strategic plan that we would achieve a biologic license approval. The growth that's implicit in our guidance it's characterized based upon that assumption. Okay. Just, you mentioned the active 679 high potential accounts within a universe of, I think you said 780. My question is, do you see scenarios where the potential universe of high potential accounts grows beyond the 780? Yes, definitely. as we increase our target indications and target procedures, that high potential algorithm will evolve, and so we do expect in the future that that universe of high potential accounts will grow. Okay. Thank you. Thanks, Jayson. Thank you. Next question today is coming from Caitlin Roberts from Canaccord Genuity. Your line is now live. Hi, thanks so much for taking the questions. Hi, Caitlin. With guidance. Hi, you know, just starting off with guidance, if you could provide some more color on the cadence of revenues throughout the year? From a calendarization standpoint, it should be very similar to what we've seen the last two years for AxoGen. To generalize, first quarter is typically the most modest quarter for the business. The second and third quarter are stronger quarters based upon the dynamics that transpire across nerve care. Summertime is when you see very significant trauma. People are out and active. That's a pronouncement, but it just basically builds throughout the year. I would look to the last 24 months of history to give you a guide for the calendarization. Awesome. Thanks. Then just for breast, I think you've talked in the past about addressing only a certain part of the market, given the technique of the nerve size limitations. Are you working on expanding the technique to address further breast recon procedures? We are. We have ongoing R&D and regulatory work to understand what other permutations could be offered. That includes greater nerve length, greater different morphology representations on the nerve, all things that could make it easier. There's nothing expected this year that would be available. Certainly within the next 24 months, if we decide and determine that we can successfully develop such, we would be bringing those to the marketplace. Great. Thanks for taking the questions. Thanks, Caitlin. Thank you. Next question today is coming from Mike Kratky from Leerink Partners. Your line is now live. Hey, everyone. Thanks for taking our questions, and congrats on all the progress. Thanks, Mike. Maybe just to jump in on prostate, you know, you highlighted some really exciting milestones, over 100 procedures and some of the clinical activity we should be expecting in the later part of this year. You know, how should we think about the potential revenue contribution and the commercial side ahead of that progression throughout the year? Any color there would be helpful. Sure. We're trying to maintain discipline as we wait for the clinical signals from those 10 clinical sites. Prostate will not be a significant revenue contributor in 2026. Got it. Understood. Just to clarify there, is there any then contribution in the first half, or is it really, you know, that'll be kind of the gating factor for your ability to drive more commercial adoption there. Uh. You get more of that clinical signal? Nothing that we haven't already forecasted implicit in the guidance which we just shared. Certainly there's spend, and there's things being planned for potential development. That's all captured in the guidance at present. It's very unlikely that we would depart from the current plan. It really boils down to what we've been describing, is that we want to see the clinical signals from those 100 patients in the various procedures that we conducted. Again, on the presumption that those are positive, then we'll have a lot more to talk about. Okay. Yeah, appreciate the color there. Maybe just one last one. You know, so helpful color on the BLA expenses that you outlined in the fourth quarter. I'm curious if there was any G&A impact there, any BLA expenses that we should be building in for 2026? Yes. As I mentioned on the call, there was the stock-based compensation expense directly tied to that event. In G&A, it was $1.9 million. Across all of OpEx, it was $7.2 million. Okay. Thanks very much. Thanks, Mike. Thank you. Next question today is coming from Anthony Petrone from Mizuho Group. Your line is now live. Thanks, and congratulations on a strong end to the year here. Maybe I'll start just on the BLA transition, just to, you know, something we touched on, Mike, previously, just around, you know, inventory or distributor channel shifts as you move from the tissue-based product to Avance BLA in 2Q, and anything we should be aware of over the next couple of months. Quick follow-up here would be on hospital outpatient, that new rate plus 40%. How does that play specifically on the breast side? Like, how many breast reconstructions are done outpatient, and is that a driver for that segment in 2026? If I can, I have one quick one on just patient economics after as well. Thanks. Sure. With regards to the transition from the tissue to the biologic, it will be invisible to the customer for the most part. There is no inventory obsolescence risk, so all the mechanics and logistics have been factored in and should be seamless at this point. Hopefully that answers that question. With regards to the outpatient dynamics, despite the changes in reimbursement, as we presently understand, the market opportunity in breast, it will not be a factor of any significance with regards to the outpatient setting. Most of those procedures will remain inpatient as we currently understand, the situation. Got it. Um, and then- Yeah. Go ahead. Yeah, quick one would be just on patient economics. When you think of core extremity, oral maxillofacial, you're bringing in breast now, and you now have these 100 cases in prostate, and in 2027, presumably that will grow. When you think about revenue per patient between core extremity and oral, how does that stack up to breast and prostate? By our math, I think you used quite a bit more Avance, you know, graft in the latter two surgeries. Trying to get an idea of how the different patient categories stack up from a revenue capture standpoint. Thanks. Sure. In general, from a pure product standpoint, breast, because of the longer grafts, these are typically 1-2 millimeter diameter grafts, 7 millimeter in length, and the number of those grafts that are used, those procedures will represent the highest average selling price. There are exceptions in extremities based on the trauma or the situation where it could be similar, but on average, extremities will have a lower ASP point based on the number of grafts and products utilized. Prostate, when we succeed there and move forward, we'll employ grafts that are typically 4- 5 millimeters in diameter and about 50 in length. It will also have a relatively higher ASP, but breast will remain into the future, the highest ASP procedure. Thank you. Sure. Thanks, Anthony. Thank you. Our final question today is coming from Frank Takkinen from Lake Street Capital Markets. Your line is now live. Great, thank you for taking the questions. Was curious if I could follow up on breast. I think you outlined 1,200 potential accounts to target in that area. If you think about the 30 rep headcount, how much of that market can you pursue with that size headcount? Only a portion of it. As I've mentioned in the past, we don't have a firm number yet, but I think it should be expected that that organization could as much as double between now and 2028 and 2029 to ensure that we have full coverage based on the number of accounts per representative to support the care pathway development. We're still watching that and evolving that. Still a little too early to put a stake in the ground. The bottom line is, we currently have plans to continue to grow the breast organization for the next several years. Got it. That's helpful. Then just as my last one, curious if you could talk about any long-term gross margin targets once we get to a place where you're consistently manufacturing under the BLA, and where that gross margin profile can go over a longer period of time? Our plan is to address that explicitly in the second half of the year. By then, we will have instituted many of the capital infrastructure investments and have those in place. That's what's allowing us to guide that we expect improvements in 2027. I know everyone's anxious to know, okay, what are we looking at? Until we really get that work behind us, we think it's appropriate that we hold off in terms of that guide. For this year, it's very similar to what we explained last year, that 74%-76% range, people should feel good about. Got it. Fair enough. Thanks for taking the questions. Thanks, Frank. Thank you. We've reached the end of our question and answer session. I'd like to turn the floor back over to Michael Dale for any further closing comments. Thank you, Operator. On behalf of the AxoGen team, I want to thank everyone for their time and interest in our work to fulfill the promise and potential for all stakeholders and our business purpose to restore health and improve quality of life by making restoration of peripheral nerve function an expected standard of care. We look forward to updating you on our continued progress and our plans for the business on our earnings call next quarter. Thank you very much. Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.